By Judy Szablak
Special to WestportNow
In addition to the price, earnest communication and timeliness are very important aspects of negotiating your Westport home.
Featured Home: This home at 6 Hunting Lane is listed at $1,629,000. (CLICK TO ENLARGE) Photo courtesy of Westport Residential
A buyer’s or seller’s motivation is a key component in any negotiation, along with conveying information to the other party.
If and when delaying tactics are utilized, they do not necessarily contribute to a positive outcome, and that goes for either party.
A seller risks losing an offer while waiting for another bid which may or may not come in, as the current buyer can read between the lines and sour on a property that he/she otherwise would have liked to purchase.
In many cases, the seller winds up with no buyer at all, and must start over from square one.
Purchasing a home is an emotional decision. A motivated and interested buyer has that almost unexplained comfort level the moment they walk in the door.
Most often, they have already contacted a lender to ensure that homes they are looking at fall within their budget, and will submit an offer very quickly on a home that they desire.
When a buyer has some interest but is not quite ready to “pull the trigger,” there is an usually an underlying issue or concern. That could be either the home, the price, and internal struggle, or not having all documentation prepared in order to obtain a mortgage prequalification in a timely manner.
If and when a seller currently has an offer from a buyer, and simultaneously anticipates the possibility of another offer that has not arrived, it’s not the smartest idea to wait.
You have all heard the adage, “A bird in the hand is worth two in the bush.”
Market Stats
There are now 267 homes that are actively on the market, which have been listed for an average of 154 days, with a cumulative market time of 252 days. The average list price is now $2,198,257 and the median price has increased to $1,700,000.
A home at 114 Beachside Ave. is the highest priced property for sale at $28 million, and the lowest available priced single-family is a three-bedroom home on Promised Road for $449,000.
Three new listings came on the market in the last seven days, and two properties came back on the market after being under deposit, or temporarily withdrawn. Seven properties had a price change.
Six properties have gone under the initial deposit stage, which we call CTS or Show, and another 10 properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
The average price of those 10 pending properties was $1,519,700. There are currently 20 homes in CTS/Show status throughout Westport, and another 32 properties scheduled to close townwide, with an average price of $1,668,641.
Closings: There were 12 single-family homes reported as sold in the last week, and they were listed on average at $1,262,608 with an average market time of 87 days. There were 54 status changes in the last seven days.
Condos: There are eight condominiums that are available, and they have been listed an average of 142 days, with a cumulative market time of 156 days. Their average listing price is $790,141 and the median price is $754,450.
The highest priced condo in town is listed at $1,299,000 and is a three-bedroom home at Terra Nova Circle, and the lowest priced unit for sale is a two-bedroom home on Bridge Street for $254,330.
There was one new listing this week, and no homes came back on the market. There were no price changes, and one property went under the initial stage of deposit. One property entered pending status, and is listed at $650,000.
There are two properties townwide that are currently in CTS/Show status, and one property is currently scheduled to close.
No sales were reported during the last week. There were four status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 80 homes or apartments available. The median price is $5,175 per month and the average price is $5,876 per month. These year-round rental opportunities have been on the market an average of 96 days.
There are 53 short-term rental opportunities that are available, and they have been on the market an average of 98 days. Their average price is $7,297 and the median price is $6,000.
Please note that seasonal rental prices are sometimes listed as an aggregate price for the season, or they can be listed as per the monthly rental cost.
Source — Market data is compiled from the SmartMLS and represents activity through our statewide MLS system. Private sales are not included in these statistics.
Featured Home
This home at 6 Hunting Lane is listed at $1,629,000.
Newly constructed by HOBI award winning SIR Development, this modern interpretation of a farmhouse has a transitional flair throughout its 13 rooms.
Located in the sought after Long Lots area on a level and fenced .25-acre lot, this 4,916-square foot home has 9-foot ceilings on all four levels, and exceptional finishes throughout.
The great room has a step ceiling, a gas fireplace with Pietra stone surround, and floor to ceiling glass doors that open up to the 448-square foot bluestone patio.
The dining room has a detailed tray ceiling and a Galaxy Star chandelier.
A chef’s kitchen has top of the line stainless steel appliances and sleek white cabinetry with Magraf Super White quartz counters and Calacatta white marble backsplash. The contrasting center island offers seating for four, and the breakfast area opens to the great room.
A pocket door from the dining room leads to a private library/study with built-in shelving and cabinetry.
Upstairs, the master bedroom suite has a wood-burning fireplace with Blanco Carrera surround and two walk-in closets. The elegant marble spa bath includes a whirlpool, separate shower, and water closet.
Three additional bedrooms are on this level, and one is en suite, while the other two share a Jack and Jill-style bath.
Besides a bonus room is on the third level, there is also a bedroom and full bath, which could easily be converted to an au pair or nanny suite if so desired.
A sixth bedroom is located on the lower level, along with a full bath, media room and gym.
Extras and items to note — Six bedrooms, five full and on half bathrooms, two fireplaces, security system, natural gas, public water and sewer, custom lighting throughout, room for pool
Annual taxes have yet to be determined.
Listing/photo courtesy of Westport Residential.
(Editor’s Note: Judy Szablak of Coldwell Banker Westport — Riverside, Fairfield County CT Realtor since 1984 is author of “The Art of Buying or Selling a Home,” and featured on HGTV’s real estate show, “Desperate to Buy.” Email .(JavaScript must be enabled to view this email address) or visit her online at http://www.CThomesAndRealEstate.com.
